Avenue Supermarts shares wipe out early gains; tumble over 8 pc at close of trade

Shares of Avenue Supermarts on Monday wiped out all its early gains and closed over 8 per cent lower.

In morning trade, the stock jumped nearly 11 per cent after the company reported a two-fold increase in its consolidated net profit for the second quarter ended September.

The stock, which zoomed 10.69 per cent to its 52-week high of Rs 5,899.90 during early trade on BSE, later faced profit-taking and closed 8.16 per cent lower at Rs 4,894.90.

On NSE, it settled at Rs 4,920, a decline of 7.58 per cent after rallying 10.82 per cent to its 52-week high of Rs 5,900 in morning trade.

Avenue Supermarts, which owns and operates retail chain D-Mart, on Saturday reported a two-fold increase in its consolidated net profit to Rs 417.76 crore for the second quarter ended September.

The company had posted a net profit of Rs 198.53 crore in the July-October quarter a year ago, Avenue Supermarts said in a BSE filing.

Its revenue from operations was up 46.79 per cent to Rs 7,788.94 crore during the quarter under review as against Rs 5,306.20 crore in the corresponding quarter of the last fiscal.

Total expenses were at Rs 7,248.74 crore, up 43.63 per cent in the second quarter of 2021-22 as against Rs 5,046.69 crore in the year-ago quarter.

''Total revenue for H1FY22 stood at Rs 12,972 crore, as compared to Rs 9,189 crore in the same period last year,'' the company said.

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